Tesla CEO Elon Musk’s vocal support for Donald Trump during the 2024 presidential campaign marked a significant pivot in the billionaire’s political trajectory, which seems to have played a crucial role in Trump’s eventual electoral success. Once considered more liberal, Musk’s shift toward Trump’s “Make America Great Again” (MAGA) agenda saw him leveraging both financial muscle and the power of his social media platform, X (formerly Twitter), to amplify Trump’s campaign messaging.
Musk’s financial contributions and strategic influence
Musk’s financial backing for Trump during the 2024 campaign was unparalleled, with contributions reportedly totaling around $132 million directed towards Trump’s campaign and related Republican efforts. Of this sum, $75 million flowed directly to Trump’s campaign through Musk’s America political action committee (PAC), positioning Musk, the world’s wealthiest person, as one of the former president’s most influential allies. In his victory speech, Trump himself referred to Musk as a “new star” and a “super genius” who warrants protection, underscoring the billionaire’s pivotal role.
However, it wasn’t just Musk’s financial investments that proved significant. His social media platform, X, was transformed into a powerful megaphone for MAGA views. Following its 2022 acquisition for $44 billion—a deal that drew skepticism from the likes of podcast host Joe Rogan, who called it a foolish move—Musk found new utility in the platform. “It wasn’t worth that in the first place,” Musk admitted during a Rogan podcast, hinting that the platform’s cultural and political influence far outweighed its paper value. Under Musk’s ownership, X amplified pro-Trump rhetoric, reinstated Trump’s suspended account, and provided a platform where conspiracy theories and misinformation could spread unchecked, much to the concern of critics.
The role of X in shaping the campaign narrative
According to a Bloomberg report, X’s algorithm reportedly favored right-leaning content, pushing pro-Trump posts to the forefront. Musk himself was a key participant, using his account with over 200 million followers as a virtual campaign billboard for Trump. He reshared content from Trump supporters, hosted live audio discussions about the election, and posted endorsements of Trump’s policies, including those centered on divisive issues such as immigration. The Wall Street Journal described Musk’s X as a “much more powerful version of Truth Social,” noting its unique position as a platform for political influence.
“Was Musk’s full-throated support the difference? Did X actually drive the national narrative – and voters – in Trump’s favor? We’ll never know, though Musk certainly thinks that it did,” the Bloomberg report said.
Musk’s gains from Trump’s presidency
As per the Bloomberg report, Trump’s reelection opens the door for Musk to reap substantial rewards. The immediate aftermath of Trump’s victory saw Tesla’s stock price surge by 12%, adding an estimated $12 billion to Musk’s wealth, further solidifying his position as one of the world’s richest individuals. Investors appeared optimistic about potential regulatory rollbacks and favorable policies under Trump, which could benefit Musk’s business empire, from Tesla’s electric vehicles to SpaceX’s space exploration ventures.
Trump has even hinted at offering Musk a role in his administration as head of a proposed “Department of Government Efficiency,” which would align with Musk’s cost-cutting approach seen during his tenure at X. Such an appointment would place Musk in a position to influence policy directly, reducing regulatory scrutiny on his companies and enabling broader technological advancements.
A new era for X and Musk’s influence
With Trump’s return to the White House, X is set to become a central player in the political landscape, wielding influence akin to its peak under Trump’s first term. Unlike before, Trump’s account will face minimal internal regulation, allowing him free rein over his communications. Musk’s involvement suggests that the platform’s impact on culture and politics, previously hard to quantify, has now been proven to be a formidable force, the Bloomberg report added.
Musk’s strategy—turning a controversial $44 billion purchase into a platform that bolstered a presidential campaign—has redefined how tech moguls wield power in politics. While Musk’s plan may not have been apparent at the start, the outcome is clear: he managed to transform X into a pivotal political tool, fundamentally altering the narrative surrounding his ownership of the platform and solidifying his influence over American politics for the foreseeable future.
This is what a fan account of Musk tweeted after Trump’s win:
Challenges and risks ahead
Despite potential gains, there are challenges Musk must navigate with Trump’s administration. Trump’s ambivalence toward electric vehicles and renewable energy—critical to Tesla’s core business—poses a potential conflict. Moreover, Trump’s historically aggressive trade policies with China could impact Tesla’s operations, given that China represents a significant portion of the company’s market.
(With inputs from agencies)